I've read up on two different ways to mute a string after you bend it so that it doesn't sound when you release it and I was curious what other guitarists do.

The two ways I learned were...
1. after bending, lift your finger up from the fretboard and bring the string back down silently
2. mute with your strumming hand and release the string back

The second way seems easier but I think the first way is more useful.
I'm curious what other people learned.
Oh yeah, another day, Oh yeah, gotta play,
What it is, it never was, I don't care to give enough,
My boredom has outshined the sun, It's all down low,
I just want to have some, Little fun

-Plume, Smashing Pumpkins
I never really thought about it until now but I use the second method; I can't seem to get my finger to lift up enough to mute the string without letting it snap back into place and making loads of noise anyway.
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Quote by Master Foo
“A man who mistakes secrets for knowledge is like a man who, seeking light, hugs a candle so closely that he smothers it and burns his hand.”

Erm.... as above I had to really think about it. Which is strange because it wasn't really that long ago when I would of been asking similar questions.

But if there's any advice I can genuinely give you here it is this; find the way that suits you most. For me both seem to work and I use both depending on.... well dep-ending on what comes next I guess.

Keep at it mate and I guarantee it'll be second nature to you before you know it.